If you are over 50 and thinking about taking out a mortgage, you may be wondering what options are available.

We regularly speak to customers across Leeds who assume that their age will limit their choices.

The good news is that many lenders are willing to offer mortgages to borrowers aged 50 and over

As a mortgage broker in Leeds, we help customers in this situation every day.

Whether you are looking to buy a new home, move house, remortgage, or release funds from your property, there are mortgage products designed to meet your needs.

Understanding what lenders look for and how your circumstances affect your options is key to finding the right deal.

How Age Affects Your Mortgage Options

Once you reach 50+, lenders tend to take a closer look at certain factors when assessing your mortgage application.

These include your current income, your plans for retirement, and any pensions or other income sources you will rely on in the future.

If you are still working, lenders will assess your income in the usual way.

If you are close to retirement or already retired, they will want to see evidence of how you will afford repayments going forward.

Lenders also consider how long the mortgage term will run.

Some will allow the term to extend into retirement, while others may set a maximum age at which the mortgage must be repaid.

Types of Mortgages Available

There are a number of mortgage options for customers over 50 in Leeds.

Many people choose to continue with a standard repayment mortgage, either taking out a new product or remortgaging an existing one.

For those who want to access funds tied up in their property, products such as lifetime mortgages or other forms of equity release may be worth considering.

These allow you to release money from your home without having to move out.

Choosing the right product depends on your circumstances, including whether you want to make regular repayments, how much you need to borrow, and your plans for your home.

Factors to Consider

Applying for a mortgage over 50 brings some additional factors to think about.

If you plan to retire during the mortgage term, it is important to consider how your income will change. Lenders will expect to see evidence of how repayments will remain affordable.

If you are thinking about releasing equity, it is essential to understand how this will affect the value of your estate and any inheritance you plan to leave.

Speaking with one of our qualified mortgage advisors in Leeds is the best way to explore your options fully and make an informed choice

Date Last Edited: June 13, 2025